GEO Reports First Quarter 2013 Results
MEXICO CITY, April 25, 2013 /PRNewswire/ -- Corporacion GEO S.A.B. de C.V. (BMV: GEOB; GEOB:MM, ADR Level I CUSIP: 21986V204; Latibex: XGEO) GEO, Mexico's leading low-income housing developer, today announced results for the first quarter 2013. Accumulated Revenues and EBITDA decreased 37.9% and 82.9% respectively compared to 2012.
Luis Orvananos Lascurain, Corporacion GEO's CEO, commented, "GEO's first quarter results were below our expectations, as was expected per last quarter's conference call, largely due to a slow start in the subsidies program and to ongoing challenges related to aligning our Company's strategy to adapt to recent changes in Mexico's National Housing Policy. As we announced on April 12, GEO's management team has made the decision to initiate a process of financial analysis and eventual restructuring which will help to ensure that we are able to maintain our leadership position in the development of low-income communities. GEO has been reviewing its business plan, with the assistance of our advisors and we are confident that this decision will allow us to continue executing on our vision and strategy, which remains focused on the financial equilibrium that will support our operations."
| Financial Highlights |
|||
| First Quarter |
|||
| Income Statement Data |
2013 |
2012 |
YoY var. |
| Sales (delivered units) |
7,086 |
13,555 |
-47.72% |
| Revenues |
$2,782.1 |
$4,480.6 |
-37.91% |
| Gross Profit |
$640.7 |
$1,368.3 |
-53.18% |
| Gross Margin |
23.0% |
30.5% |
-7.51 pp |
| Operating Profit |
-$109.1 |
$711.2 |
NA |
| Operating Margin |
-3.9% |
15.9% |
-19.8 pp |
| Profit before Taxes |
-$179.0 |
$493.7 |
NA |
| Profit before Taxes Margin |
-6.4% |
11.0% |
-17.45 pp |
| EBITDA |
$168.7 |
$986.6 |
-82.90% |
| EBITDA Margin |
6.1% |
22.0% |
-15.95 pp |
| Net Profit |
-$146.3 |
$279.8 |
NA |
| Net Margin |
-5.3% |
6.2% |
-11.5 pp |
| Free Cash Flow to Equity |
-$1,730.7 |
-$2,064.1 |
$333.5 |
| Quarter - Quarter |
|||
| Balance Sheet Data |
1Q13 |
4Q12 |
QoQ var. |
| Cash and Cash Equivalents |
$371.4 |
$2,276.8 |
-83.69% |
| Working Capital Cycle |
811 days |
720 days |
91 days |
| Total Debt (1) |
$13,807.9 |
$14,230.0 |
-2.97% |
| Interest Coverage |
0.3 x |
2.1 x |
-1.8 x |
| Net Debt to EBITDA (LTM) |
3.9 x |
2.8 x |
1.1 x |
| Figures discussed in this announcement as of December 31, 2012 and March 31, 2012 are presented in accordance with IFRS "International Financial Reporting Standards". The figures are expressed in nominal pesos. Tables state figures in millions of pesos unless otherwise noted. |
To obtain the full text of this earnings release, please visit our Investor Relations website at www.corporaciongeo.com under the Shareholder Information section.
About Corporacion GEO S.A.B. de C.V.
Corporacion GEO is a leading housing developer in Mexico and one of the largest in Latin America. The Company is engaged in all aspects of design, development, construction, marketing, sales and delivery of mainly low-income housing developments in Mexico. With operations in 22 states, GEO is one of the most geographically diversified homebuilders in Mexico. Since its inception GEO has sold more than 655,000 homes which currently provide housing to 2,400,000 people. GEO's Solid Business Model focuses mainly in the Affordable Entry Level and Economic segments, which are supported by government policies and by the Mexican Housing Institutions INFONAVIT and FOVISSSTE. For more information, visit www.corporaciongeo.com.
Safe Harbor Statement
This release may contain forward-looking statements regarding the Company's results and business prospects. The readers should know that the results obtained may differ from that stated on this release. Past performances do not guarantee the behavior of future performances. The Company undertakes no obligation to update any of these statements, either as a result of new information, future actions or other related events.
SOURCE Corporacion GEO S.A.B. de C.V.
Share this article